(Reuters) -Dutch technology investor Prosus on Monday reported full-year core headline earnings of $7.4 billion, up 47% year-on-year and exceeding its financial targets, bolstered by its expansion in lifestyle e-commerce.

The company said e-commerce revenue grew 21% to $6.2 billion, fuelled by advances in artificial intelligence and innovation, as it continued to expand in Latin America, Europe, and India.

Prosus, owned by South African technology investor Naspers, is pivoting from an investment group to a lifestyle tech company, a strategic shift that BofA highlighted in a note prior to the earnings publication as a key enabler that could boost financial yields and shift its investment case.

“We are making good progress with the purchase of Just Eat Takeaway.com, which will create a new AI-powered tech champion in Europe,” CEO Fabricio Bloisi said in a statement.

Prosus announced in late February an agreement to buy Just Eat Takeaway for 4.1 billion euros ($4.72 billion) to create a European tech champion.

For the first time in its history, Prosus’ free cash flow, excluding the dividend it receives on its holding in Tencent, was positive, climbing to $36 million from negative $235 million in the last financial year.

“We expect this momentum to continue, and to add at least the same level of incremental adjusted EBIT in the full year of 2026”, Chief Financial Officer Nico Marais said in a statement.

Naspers on Monday reported a 59.4% jump in its full-year core headline earnings.

($1 = 0.8685 euros)

(Reporting by Leo Marchandon and Mateusz Rabiega; Editing by Sonali Paul)